Forex Trade Updates: March 4, 2014

Since I’m doing a few more swing and position trades than I usually do, I’ll write weekly updates for ya. Here’s a summary of my recent trade setups:

Long EUR/USD

EUR/USD 4-Hour Forex Chart

EUR/USD 4-Hour Forex Chart


Last week I pointed out that the euro is technically poised for a bounce thanks to the SMAs and a rising trend line acting as potential support. And with Janet Yellen not saying anything new, I guess traders just went with the trend.

Unfortunately, I didn’t take this trade because I was watching the chart closely (maybe too closely) and I thought for a while that the pattern trend would break. It would have been good for a 100-150-pip run. Boo.

Long USD/JPY

USD/JPY 4-Hour Forex Chart

USD/JPY 4-Hour Forex Chart


This one is another miss for me. Although the didn’t break above the ascending triangle, I was prepared for a downside break (the School of Pipsology did hint that it COULD happen). However, I backed out again especially when I saw that price was consolidating just below the trend line. I really thought it was going to be a fakeout!

I had two great setups that could have worked out but I didn’t take because I was too bothered by the changing market sentiment. Maybe I shouldn’t pay too much attention to them next time? I’m trading the higher time frames after all. I could have also placed limit orders to at least catch some of these moves. Must not waste analyses next time!

Long GBP/USD

GBP/USD 4-Hour Forex Chart

GBP/USD 4-Hour Forex Chart


Now this is one trade that I’m not ready to let go of yet! GBP/USD’s uptrend on the daily chart is still intact and I still have two positions open with a total risk of 0.50%. With the U.K. data doing pretty well I think I might even add another position! But maybe when it makes new highs?

So, that’s it for the good and the bad of my trades so far! Really bummed that I missed two good ones. How about you? Do you have trade ideas to share? Let us know so we can talk about it!

XOXO,

Huck

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  • ForExchange

    Hi Huck,

    I was also long with GBP/USD but I think because of Ukraine the value of USD will go high so I decided to close my trade. What do you think about that?

    Best wishes

    • Hucklekiwi Pip

      Sounds like a valid reason to exit a trade. I’m trading the daily chart though, so I’ll probably have to sit tight longer. Maybe when price convincingly breaks below 1.6600 🙂

  • John

    The Ukraine/Russia conflict has frozen my trading enthusiasm. I’ve read on some crazy forums how people prepare for WW3 and are already packing their bomb shelters with food and water, because Putin has gone crazy and seeks world domination. Then again, I’ve read some sensible sources that say that this whole conflict is nothing more but a fight for money. The EU wants the 45 Million people in the Ukraine as another potential market, as does Russia who also does want a proxy barrier between their land and the West, as leverage for trading maybe.

    Fact is, this is my first trading during “war time” and I’ll sit tight. Firstly, news said that people are running for safe currencies like the Yen. So it rallied pretty well, but doesn’t move that greatly anymore. What to make of that? I don’t know. People scream that the European economy will take large hits by the current events, yet the Euro stands strong as of now. Others are saying that now is the time to buy gold, as people are running towards safe havens like this metal during a crisis like we have now. The gold price is at its four month high. I’m a forex man though, so metals are not my thang.

    Point is, I’ll wait and see.

    • Hucklekiwi Pip

      How about placing shorter-term trades then? You seem like you read a lot of news. Maybe you can take advantage of intraday trends? In any case, you can trade either direction if you really want to trade. 🙂

  • great
    i love that